Japan

Pattern buys Japanese developer

JAPAN: Pattern Development has bought a majority stake in Japanese wind and solar developer Green Power Investment Corporation (GPI).

GPI said its portfolio is "ripe for implementation"

The deal adds around to 1GW to Pattern Development's pipeline. However, Pattern's interests in the projects under development are subject to right of first offer (ROFO) from Pattern Energy.

The ROFO is one of the conditions under which Pattern Development owns 35% of Pattern Energy.

Neither the exact stake that Pattern Development has taken in GPI nor the financial terms of the deal were revealed.

GPI claims to have a portfolio of 1GW of projects but has not revealed the specifics of these developments. It said the pipeline is "ripe for implementation". Pattern said the portfolio is spread across a number of projects in various stages of development.

Pattern Development owns approximately 35% of Pattern Energy, which has the ROFO to acquire projects developed by Pattern Development. Pattern Energy's list of identified ROFO projects, which represent near-term acquisition opportunities, represents a portion of Pattern Development's 3.5GW pipeline.